Indeed, Wall Street is rubbing its hands together contemplating that at a time when global growth appears to be slowing, the willingness of central banks to crank up their virtual printing presses hasn't abated a bit, the Fed notwithstanding.
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Of course there are words of caution: Jessop warned investors not to go "overboard" in their enthusiasm over the BOJ's move. At current exchange rates, the action amounts to just more than a quarter of the $85 billion a month the Fed was adding when it it began the third leg of its QE program.
Even Europe may not deliver the goods to the extent the market hopes.
Morgan Stanley economist Elga Bartsch put just a 40 percent chance on the ECB going full QE on the markets. Bartsch noted the "negative long-term side-effects of QE on the financial system."
"We believe that the ECB needs to calibrate the announcement of additional measures carefully against the execution of already announced measures to avoid giving the impression of panicking in the light of soft economic indicators and record-low inflation," Bartsch said in a report for clients. "In addition, piling announcement on top of announcement runs the risk of undermining the effectiveness of existing measures, we think."
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She added: "We would highlight that broad-based asset purchases could be counterproductive to the health of the financial sector. This is because after the initial relief rally, historically they have caused lower returns on a variety of assets, notably government bonds, over the longer run."
The communication issue is important and another potential risk. Investors and the Fed are on different pages in terms of interest rate expectations, with the central bank's projections considerably higher than what the market is pricing in.
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Worrywarts, though, have been shunted into the shadows in the way they almost always are when the market is ripping higher.
Peak Theories Research founder Abigail Doolittle on Friday expressed the frustrations of those worried about unbridled easing.
"Are the central banks going to blow up the world in an effort to save it?" she said in an analysis. "The charts that would keep me up at night if I worked at the Federal Reserve are not those of the equity or commodity markets but of the currency markets. ... The currency market charts are so tightly wound that when the unnatural compression unwinds at some point as it will, unless Newton's Third Law is somehow defied, (it) is likely to be nothing short of devastating to risk assets right across the board."
"Clearly the motivation for investors is greed in the context of seeing how beneficial all of this liquidity has been to the risk assets for nearly six years," she wrote, "but at some point, you have to think that some shade of the deflationary reality moves in and causes investors to back away from the edge of the risk continuum."
While Doolittle thinks that investor appetite for a QE-led market will wane at some point. that's clearly not the case now.